Valuation Analyst

Valuation Analyst

Department: Alternative Valuations – Finance and Facilities

Type: Permanent

Location: Toronto (Hybrid)

Posting Date: March 14, 2025

At OPTrust, paying pensions today, preserving pensions for tomorrow is our mission and business.

When you choose OPTrust, you join a team of smart, talented people who fuel our success and have a passion for pensions. Everyone at OPTrust – in Toronto, London and Sydney – makes a meaningful impact. Our culture is driven by team members with different backgrounds and perspectives creating an inclusive and fulfilling place to work for everyone. We work in a fast-paced environment, but we find time to have fun and give back to the community.

What OPTrust offers you

• Unique culture rooted in our core values – collaboration and teamwork, integrity, respect, flexibility, excellence and continuous improvement.
• A purpose-driven environment where we all work towards the common goal of paying pensions today and preserving pensions for tomorrow.
• Comprehensive benefits focused on your health and wellness, including dental, vision and extended health benefits, as well as membership in our world-class defined benefit pension plan.
• A flexible, hybrid work model.
• A dedicated inclusion, diversity and equity strategy with meaningful opportunities to participate, including our employee-led resource groups.
• Extensive professional development opportunities and learning initiatives including access to LinkedIn Learning, guest speakers, tuition reimbursement, professional association memberships, leadership development programs, a mentorship program, monthly professional development time and more.
• A competitive vacation package with additional work-life balance days.

About the role

The Finance and Facilities Division is led by the Chief Financial Officer and includes accounting, operational, tax, and facilities functions and roles supporting OPTrust investment and pension activities. Reporting to the Manager, Alternative Valuations, the Valuation Analyst works as a member of the Alternative Valuations Team. The Valuation Analyst works closely with the Manager, Alternative Valuations (“Manager”) and Team Leader, Alternative Valuations (“Team Leader”) to ensure that OPTrust’s illiquid investments including infrastructure, private equity, and real estate assets are fairly valued. The incumbent will provide support to the Manager and the Team Leader in the completion of their responsibilities, including participation in projects and the execution and completion of operating responsibilities.

What you’ll do

Valuation Analysis & Reporting

• Review internal, external (prepared by asset/fund manager), and independent valuation reports for reasonableness, including valuation models, where available. Evaluate the appropriateness of the inputs/assumptions used in the valuation.
• Update monthly Executive Team (ET) report highlighting material/notable valuation changes and pending transactions.
• Review fund quarterly report and financial statements and document value drivers.
• Determine valuation for certain co-investments for booking by Investment Finance team.
• Identify and track value drivers for direct and indirect assets for performance attribution purposes.
• Perform attribution analysis on valuation drivers and consolidate across level III asset classes.
• Maintain investment database for infrastructure, private equity, and real estate investments.
• Review investment LPAs, side letters, valuation policies and other relevant documents with a focus on reporting and valuation process.
• Assess if an illiquidity discount (DLOM) should be applied on restricted securities. For those that apply, formulate and maintain a model using an appropriate option pricing methodology to determine the DLOM.
• Assist with the preparation of annual financial statements including the notes thereto using Workiva.
• Conduct sensitivity analysis on discount rate, mortgage rate, cap rate, or EBITDA multiple to determine the effect on valuations.
• Perform back-testing of completed transaction values against recent valuations and analyze back-testing results for funds and co-investments.

Governance & Process

• Work closely with the Manager/Team Leader on the following:
• Form annual valuation plan for the real estate portfolio and private markets portfolio.
• Assist with RFQ process to obtain quotes from independent business valuators/property appraisers. Make recommendation for valuator selection while considering experience, independence, relationship, price, etc.
• Engage independent valuators to value select portfolio assets.
• Participate in calls with fund managers to form Q4 valuation estimates.
• Prepare and send out engagement letters for independent valuation engagements.
• Prepare valuation approval template for internal approval.
• Ensure that valuations are appropriately valued and in accordance with the Valuation Policy and Valuation Guidelines.
• Monitor investment development (stay up to date on new and existing investments) through Investment Committee (PMIC/REIC) meetings and reviewing Investment Summary/Investment Memorandum documents.
• Assist with the review, maintenance and update of valuation policy and guidelines and other relevant documentation.
• Assist with valuation related activities and related documentation.

Coordination & Communication

• Work with the Investment department on Q4 valuation estimates for indirect investments.
• Work with Investment Finance on valuation and reporting related matters.
• Coordinate with Legal department for the review of engagement letters.
• Establish and maintain effective working relationships with OPTrust staff and external relationships involved in valuation activities and act with professionalism.

Research & Analysis

• Monitor macroeconomic/political events including industry and asset class specific events to form expectation on valuations.
• Research valuation issues relevant to the illiquid asset class.
• Track information (e.g. earnings, multiple) from fund manager reports and discuss trends.
• Stay current on ESG issues and their impact on valuations.

Systems and Maintenance

• Use ARGUS to review valuation models for real estate assets.
• Use S&P Capital IQ:
• to confirm/update certain market assumptions for internal, external and independent valuations.
• to identify comparable companies for used in market approach to valuation.

Audit

• Assist with interim and year-end audit requirements, liaising with internal/external auditors.
• Work with investment teams to provide requested audit support.
• Articulate internal valuation processes to auditor.
• Perform other duties or projects assigned.
• Ensure clear understanding and adherence of all OPTrust’s policies, procedures, and guidelines.

What you bring

• 4 years of valuation experience in illiquid/alternative asset class (infrastructure, private equity, private debt, and/or real estate).
• University degree required (preferably in Business or Finance), Advanced degree in business (MBA) or in a quantitative field an asset.
• Chartered Business Valuator (CBV), Chartered Financial Analyst (CFA), or Accredited Appraiser Canadian Institute (AACI) designation required. Chartered Professional Accountant (CPA) an asset.
• Strong understanding of the broad spectrum of direct and indirect alternative investments.
• Strong understanding of common valuation methodologies (business and/or real estate).
• Experience using S&P Capital IQ.
• Excellent demonstrated quantitative and qualitative analytical skills.
• Proven financial modeling skills using Excel.
• Excellent Microsoft Excel, Word, and PowerPoint skills.
• Ability to work under tight timelines.
• Effective written, oral communication, and interpersonal skills to deal with a wide variety of internal and external contacts.
• Knowledge of real estate valuation software, ARGUS an asset.
• Experience using Bloomberg terminal an asset.
• Experience using Workiva an asset.
• Knowledge of pension funds preferred.
• Exemplify OPTrust’s values: collaboration and teamwork, integrity, respect, flexibility, excellence, and continuous improvement.

Please submit your application via Workday by May 2, 2025.

Serving a membership as diverse as ours and investing in a global market means cultivating an environment that embraces inclusion, diversity, and equity in everything we do. OPTrust is an organization engaged in building on our unique and diverse strengths. We know a diversity of backgrounds, cultures, gender identities and perspectives are critical to achieving our shared goals.

If you require accommodation at any time during the recruitment process, please send a message to careers@optrust.com, or discuss your needs with the Talent Acquisition Consultant during the telephone screening. We will do our best to work with you and provide appropriate accommodation.

As an organization we’re seeking ways to respond to the Truth and Reconciliation Commission of Canada’s Call to Action 92. We are working with the Canadian Council for Indigenous Business to build bridges with Indigenous communities and partners, and we have created an employee-led Reconciliation Working Group that will work with Indigenous experts to identify a path to reconciliation for our organization.

We thank all interested applicants, however only those under consideration will be contacted.